Pirelli RE acquires an interest in Turismo&Immobiliare (IT)

Pirelli RE is to acquire an interest in Turismo&Immobiliare, which owns 49% of the share capital of Italia Turismo. Italia Turismo - of which the remaining 51% is owned by Sviluppo Italia - is Italy's leading real estate operator in the tourism and hospitality sector, with substantial investments in Apulia, Calabria, Basilicata, Sicily and Sardinia.

In accordance with agreements signed last week, each of Turismo&Immobiliare&#146;s current shareholders (Banca Intesa, Ifil Group and Marcegaglia Group) will sell Pirelli RE an 8.3% stake in the company for an amount of 1.135 million.

On completion of the operation, after total expenditure of 3.405 million, Pirelli RE will hold a 25% stake in Turismo&Immobiliare, equivalent to those owned by the other three shareholders.

Conclusion of the agreement is subject to authorization by the Antitrust Authority.